Riyadh - Sharikat Mubasher: Saudi Arabia seized the largest share of venture capital (VC) funding in the Middle East and North Africa (MENA) region, securing $509 million during the first nine months (9M) of 2024.
A recent report by MAGNiTT showed that the UAE ranked second with $380 million deployed in startups, reflecting an 18% drop.
Overall, MENA startups raised $1.3 billion across 352 deals in 9M-24, making a 13% year-on-year (YoY) decline. However, the number of investors rose by 34% to 386, largely driven by international investors.
Despite the broader slowdown in global venture capital activity, the region showed resilience, outperforming other emerging venture markets (EVMs).
The UAE accounted for 38% of all MENA deals, with a 12% rise in the number of transactions, followed by Saudi Arabia which saw a 7% YoY increase in deal count, triggered by a 46% rise in seed deals from companies such as Moyasar, SiFi, and Anabolic.
Sanabil Investments, owned by the Public Investment Fund (PIF), was the most active investor in terms of funding, deploying $59 million, while Flat6Labs led in deal count with 37 transactions.
Moreover, fintech remained the top sector in MENA, attracting $480 million across 72 deals.
